Wolverine World Wide to explore divestiture or licensing of Keds and Wolverine Leathers; targets $65M in cost savings

WOLVERINE WORLD WIDE INC /DE/

Formal process to divest or license low-profit Keds brand and Wolverine Leathers business announced.
Workforce reduction initiated; expects $30M in savings from that, plus $20M from supply chain, $45M from org synergies (total ~$65M in 2023).
New $175M receivables securitization closed Dec 7 to accelerate cash flow and reduce debt.
Revenue through two months of Q4 in line with expectations; full update at ICR Conference on Jan 10, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WOLVERINE WORLD WIDE INC /DE/ entered into Receivables Facility with Rockford ARS, LLC and Wells Fargo Bank, N.A. valued at $175 million (effective 2022-12-07).

Action: entry
Agreement: credit facility
Counterparty: Rockford ARS, LLC and Wells Fargo Bank, N.A.
Value: $175 million
Effective: 2022-12-07

Exact text from the filing

On December 7, 2022 Saucony, Inc., Wolverine Outdoors, Inc. and Wolverine World Wide Canada ULC (collectively, the “Sellers”) entered into a receivables facility of $175 million (the “Receivables Facility”), under which the Sellers will sell receivables to Rockford ARS, LLC, a Delaware limited liability company (the “Buyer”)

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WOLVERINE WORLD WIDE INC /DE/ filing history →

Source: SEC EDGAR

accession 0000110471-22-000086

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